Well explained Vaibhav ji.... very helpful and easily understandable... Keep the spirit going on...:)
Cenvat Credit FAQ on some Core Areas
Page no : 2
Hanumantha Reddy.C
(B.Com, CA in Practice)
(179 Points)
Replied 15 January 2013
Subhra Kanti Chatterjee
(Account Executive)
(61 Points)
Replied 17 January 2013
Thanks a lot and one of my query is -
we have a manufacturing unit and we use to purchase iron ore, transported through lorries from despatch place. we have paid service tax on such transportation on GTA after availing abatement (i.e ST paid on 25%). And thereafter we have taken service tax credit on such GTA to adjust excise duty payable. Upto the above stage it is OK.
The problem arises from here--> After consumption of iron ore, some of its fines (iron ore fines) left with us. we have sold these iron ore fines and paid GTA and then availed service tax credit to adjust excise duty liablity. Now the excise auditor has raised objection - no service tax credit can be adjusted, and they approximately quantified the iron ore transportation figure and ask us to reverse the same.
> Is it correct that we cannot take the ST credit, when we have paid the GTA on its transportation.
Need clarification and notification.
Regds
Subhra Chatterjee
CA Mansi Kotecha
(Keep Smiling !!)
(6890 Points)
Replied 17 January 2013
Simply Great !!
As always great work sirji..
satya
(Executive Excise)
(1839 Points)
Replied 17 January 2013
Dear Subhra Chatterjee,
If u have paid ST on Inward freight and the same can be avail basing on GAR7 Challan Cenvat Credit and adjust/utilise towords Excise duty payable.
but dispute is when u have paid GTA on Outward transportation, it may not entitled as cenvat credit. as per CCR 2004. the dessision under CESTAT.
@VaibhavJ
(Believe!! Live your dreams!)
(33516 Points)
Replied 18 January 2013
Thanks for feedback!!
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 01 February 2013
yaarrr really hats off to you...
you are taking really hard efforts... and agrre with Tushar Bhai but dont do it for awards... Do your work then automatically you will get your returns,,,
Thank you very much....
Regards,
Siddharth Bumb.
siddharthbumb @ gmail.com
WWW.SIDDHARTHBUMB.BLOGSPOT.COM
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